Citigroup Inc. and J.P. Morgan Chase & Co. were in line to lead Archstone’s IPO. They would have been the largest recipients in a fee pool in the neighborhood of $100 million, based on the size of Archstone’s planned offering.

The offering, expected to raise $3.5 billion, was on track to be the largest offering ever by a real-estate investment trust, according to Dealogic, and the third-largest U.S.-listed IPO of any kind this year.

Spokespeople for Citi and J.P. Morgan declined to comment.

Now, Archstone’s IPO bankers will have to contend for other roles. Already, some key jobs have been nabbed by others. Equity sales by Avalon Bay and Equity Residential to pay for the cash component of the deal are being led by Goldman Sachs Group Inc. and Morgan Stanley, respectively, according to filings with regulators.

Investors in Sam Zell’s $650 million international property fund, who were caught off guard by last month’s departure of the fund’s chief executive, are expected to vote to keep the fund operating under a new CEO, say people who have been briefed on the matter.

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Deal Journal is an up-to-the-minute take on the deals and deal makers that shape the landscape of Wall Street, including mergers and acquisitions, capital-raising, private equity and bankruptcy. In short, wherever money changes hands. Deal Journal is updated throughout each trading day with exclusive commentary, analysis, data, news flashes and profiles. The Wall Street Journal’s David Benoit is the lead writer, with contributions from other Journal reporters and editors. Send news items, comments and questions to deals@wsj.com.

Dealpolitik is Ronald Barusch's strategic look at deals currently making the headlines as well as the major forces at work in the deal-making world. He was a M&A lawyer with Skadden, Arps, Slate, Meagher & Flom for over 30 years. He retired in 2010 after 25 years as a partner at the firm. Click here for his current and archived columns.